Wage growth hit its highest level since June 2009
Futures on the Dow Jones Industrial Average (DJI) are sinking after this morning's jobs report. Data from the Labor Department showed the U.S. added 201,000 jobs in August, though numbers from June and July were downwardly revised, while the unemployment rate stood pat at 3.9%. Wages, meanwhile, rose by 2.9% year-over-year to their highest level since June 2009 -- throwing support behind the case for a rate hike at the September Fed meeting. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also signaling lower starts, putting them both on track for a fourth straight loss.
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5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 1.05 million call contracts traded on Thursday, compared to 774,189 put contracts. The single-session equity put/call ratio jumped to 0.74, and the 21-day moving average remained at 0.61.
- Broadcom Inc (NASDAQ:AVGO) reported stronger-than-forecast adjusted fiscal third-quarter earnings of $4.98 per share on $5.06 billion in revenue. Although this figure was slightly less than analysts were expecting, the chipmaker gave an upbeat outlook for current-quarter revenue. In reaction, AVGO stock is up 4.4% in electronic trading, signaling its first close north of its 10-week moving average since late June.
- Adjusted second-quarter earnings for Marvell Technology Group Ltd. (NASDAQ:MRVL) came in at 28 cents per share, or 35 cents excluding the semiconductor company's Cavium purchase, on $665 million in revenue. Marvell also said its recent acquisition boosted its year-end 2020 savings target to $200 million. MRVL stock, which recently sounded a reliable buy signal, is up 8.9% in pre-market trading,
- It was a beat-and-raise for Five Below Inc (NASDAQ:FIVE), with the discount retailer reporting second-quarter earnings of 45 cents per share and lifting its full-year profit guidance. Revenue came in at a stronger-than-expected $34.77 million, while same-store sales rose 2.7%. At least one upgrade and four price-target hikes have come down the pike, and FIVE stock is set to open up 13.4% at a new record high.
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The Baker-Hughes rig count and speeches from Dallas Fed President Robert Kaplan, Boston Fed President Eric Rosengren, and Cleveland Fed President Loretta Mester are on tap today. Several Fed speakers are expected next week, too, alongside a pair of inflation updates.

Trump Trade Rumors Weigh on Tokyo Stocks
It was a mixed session for stocks in Asia, with investors still focusing on the future of trade relations between the U.S. and China. Despite this, China's Shanghai Composite managed to add 0.4%, and Hong Kong's Hang Seng flirted with positive territory, though it settled fractionally lower. In Japan, however, the Nikkei suffered notable losses, shedding 0.8% as the yen strengthened amid reports that President Donald Trump could target the country with trade actions. Meanwhile, South Korea's Kospi slipped 0.3%.
It's turning out to be a down day for European equities. London's FTSE 100 is experiencing heavy losses for the fourth straight day, putting it on pace for its lowest close since April, last seen down 1%. It's a similar setup for France's CAC 40 and Germany's DAX, which are both down 0.3% so far today. The losses are mounting despite better-than-expected economic growth for the eurozone in the second quarter. Meanwhile, Deutsche Bank is one of the most notable losers, off 1.5% on reports a major shareholder could cut their position.